We, humans, are always on the lookout for something new and fun.
It is a basic human instinct to search for ‘something unique’. Maybe this search is what led Vasco da Gama to discover India or Columbus to discover America.
Apart from looking for this newness in our lives, we also tend to relocate or recreate ourselves in search of answers, peace, or just a change.
Similarly, you might need to rebrand your business now and then. It could be to introduce a new product line or to freshen up your brand values or even to bury a negative legacy and start anew.
If you are creating a brand from scratch, you might want to Branding 101: Understanding The Basics of Building A Killer Brand Identity
Let us look into the ‘rebranding mine’ and find out how to get your rebranding right.
What is a rebranding exercise?
Rebranding, in simple terms, is giving your brand the all-new makeover according to the trends in the market.
The rebranding exercise is the process of changing logos, brand names, brand value, changing the marketing perspective, and even changing the packaging of products. This is done to create a new brand identity and thereby differentiating your brand from your competitors.
Rebranding is nothing new but there should be some valid reasons as to why a brand needs rebranding.
Who should rebrand and when?
There are a few reasons why a business should consider rebranding:
Expanding your business:
If a company is expanding overseas or merging with another company then it is important to rebrand. Finding a new brand identity that represents the values, image, attributes of the new company is key for successful rebranding.
The Battlecreek Toasted Corn Flake Company, an American food manufacturing company was first established in 1906. Later the name changed to The Kellogg’s Toasted Corn Flake Company in 1909. After acquiring other food manufacturing companies and expanding their business into various countries like the UK, Europe, Asia, MiddleEast, Australia, the name, The Kellogg’s Company, finally emerged.
Diversifying your business:
When a well-established company enters into new markets or introduces new products, then new strategies are created to help them establish. This is called diversification of business.
The Imperial Tobacco Corporation was first established in India under the British Raj ownership in 1910. Later, after independence, the company entered into various fields of production and changed the name to ITC. It had started producing many products like books, incense sticks, paper boards, stationery products, famous hotels, agri-business, and information technology.
Shedding the Negative Image:
Sometimes companies gain an unnecessary negative reputation for many reasons like customer service style or lose reputation due to some unfair attacks from competition or media. It might also be for some other reasons like product design or being unable to connect with the customers at an emotional level.
First Union, an American company that provided commercial and retail bank services, purchased a smaller company, Wachovia. They changed their name from ‘First Union’ to ‘Wachovia’ as they suffered from problems regarding their perception and reputation. Later it changed to ‘Wells Fargo’.
Your Brand Dates Back to the Ice-Age:
Companies evolve and change. Some of them expand rapidly which raises the need to rebrand. If you have an established brand, it’s best to research before changing the brand values and identity. It is also important that the companies keep their brand values and sometimes the logo the same as these connect with their customers well.
Your Brand No Longer Represents the Core Values:
When a company evolves over time and enters into new domains, sometimes the meaning, values, and attributes change. Then it is time for a rebrand so that the company delivers a correct message to the customers.
The famous Indian online food delivery service- ‘Zomato’, initially started off as a food directory website known as ‘Foodie Bay’ in 2010.
How does it change for a small or large business?
A rebrand is a major game-changer that decides the fate of a brand. It involves improving marketing, web presence, mission, and values.
Whether you are an established, large business or a small startup, rebranding proves to be successful only if you do it for the right reasons.
Small Businesses require discussing it with a handful of employees, choosing a new logo, color scheme, and tagline. Outsourcing ideas within a reasonable budget can be a huge help with the rebranding process.
Rebranding a large business requires hiring a professional, discussing strategies with the stakeholders, not disturbing the current customers, avoiding conflicts with other businesses and most importantly, a huge investment.
How to make sure your rebranding exercise is a success?
Agreement of both the internal staff and the external shareholders is important. A successful rebranding requires the attention of everyone directly or indirectly attached to your company, including your employees, be on board with the effort.
Update the Customers as they are the inspiration and encouragement behind the building and rebuilding a brand.
Clear Message is the key to successful rebranding. The company’s message should be direct, consistent yet fun and creative.
Authenticity and staying true to your core values and brand attributes are an important tool for rebranding. Don’t follow the ‘fake it until you make it’ trend as that doesn’t work well with customers who purchase the product.
Advertise the rebranding process, where the freshly revamped brand enters the market and makes an impression. It is important to plan and build creative strategies for the success of rebranding.
Now the final question remains.
Are you ready to rebrand?
If you are and need some help, we at The Go-To Guy! can give you the helping hand and lead you to the ultimate success of your brand. Contact our marketing experts today and see the change your brand undergoes.